HIVE Digital Technologies (NASDAQ:HIVE) Shares Down 6.3% – Time to Sell?

Shares of HIVE Digital Technologies Ltd. (NASDAQ:HIVE) fell 6.3% during mid-day trading on Wednesday . The company traded as low as $4.84 and last traded at $4.91. 5,382,515 shares traded hands during mid-day trading, an increase of 52% from the average session volume of 3,536,763 shares. The stock had previously closed at $5.24.

Wall Street Analyst Weigh In

A number of research firms have issued reports on HIVE. Cantor Fitzgerald began coverage on shares of HIVE Digital Technologies in a research report on Tuesday, October 29th. They issued an “overweight” rating and a $9.00 target price for the company. Northland Capmk upgraded shares of HIVE Digital Technologies to a “strong-buy” rating in a research report on Thursday, September 19th. Canaccord Genuity Group reiterated a “buy” rating and issued a $6.00 target price on shares of HIVE Digital Technologies in a research report on Wednesday, August 21st. Northland Securities began coverage on shares of HIVE Digital Technologies in a research report on Thursday, September 19th. They issued an “outperform” rating and a $5.50 target price for the company. Finally, HC Wainwright upgraded shares of HIVE Digital Technologies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $4.00 to $5.00 in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.25.

HIVE Digital Technologies Stock Down 10.9 %

The firm has a market cap of $580.62 million, a P/E ratio of -33.78 and a beta of 3.43. The business’s fifty day moving average price is $3.44 and its two-hundred day moving average price is $3.18. The company has a current ratio of 7.35, a quick ratio of 7.35 and a debt-to-equity ratio of 0.06.

HIVE Digital Technologies (NASDAQ:HIVE) last released its quarterly earnings results on Monday, August 12th. The company reported ($0.08) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.08). The business had revenue of $32.24 million for the quarter, compared to the consensus estimate of $31.85 million. HIVE Digital Technologies had a negative net margin of 12.04% and a negative return on equity of 11.25%. As a group, equities research analysts anticipate that HIVE Digital Technologies Ltd. will post -0.28 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of HIVE. MMCAP International Inc. SPC bought a new position in HIVE Digital Technologies in the 1st quarter worth $11,227,000. Vident Advisory LLC raised its holdings in HIVE Digital Technologies by 78.6% in the 1st quarter. Vident Advisory LLC now owns 1,737,308 shares of the company’s stock worth $5,856,000 after acquiring an additional 764,387 shares during the period. Van ECK Associates Corp raised its holdings in HIVE Digital Technologies by 35.4% in the 2nd quarter. Van ECK Associates Corp now owns 3,894,605 shares of the company’s stock worth $11,995,000 after acquiring an additional 1,018,231 shares during the period. Impact Partnership Wealth LLC raised its holdings in HIVE Digital Technologies by 202.4% in the 2nd quarter. Impact Partnership Wealth LLC now owns 48,945 shares of the company’s stock worth $151,000 after acquiring an additional 32,760 shares during the period. Finally, Vanguard Personalized Indexing Management LLC bought a new position in HIVE Digital Technologies in the 2nd quarter worth $36,000. Institutional investors own 24.42% of the company’s stock.

HIVE Digital Technologies Company Profile

HIVE Digital Technologies Ltd. operates as a cryptocurrency mining company in Canada, Sweden, and Iceland. The company engages in the mining and sale of digital currencies, including Ethereum Classic, Bitcoin, and other coins. It also operates data centers; and offers infrastructure solutions. The company was formerly known as HIVE Blockchain Technologies Ltd.